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Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During the first month of business in December 2018, the following transactions were completed. Dec. 1 Deposited P20,500 of personal savings in an account at the Makati Development Bank in the name of Cuneta Delivery Service. Acquired a second-hand service vehicle costing P64,000, paying P6,000 in cash, and financing the remaining P58,000 by issuing a note payable. Paid rent for the month, P3.000. Acquired supplies on account, P9,000. Paid for three months' insurance and recorded prepaid insurance in the amount of P5,500. Received P14,900 cash for delivery work done for the Pangilinan Corporation. 2 4 6 8 10 Acquired additional supplies for cash P4 050

Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During the first month of business in December 2018, the following transactions were completed. Dec. 1 Deposited P20,500 of personal savings in an account at the Makati Development Bank in the name of Cuneta Delivery Service. Acquired a second-hand service vehicle costing P64,000, paying P6,000 in cash, and financing the remaining P58,000 by issuing a note payable. Paid rent for the month, P3.000. Acquired supplies on account, P9,000. Paid for three months' insurance and recorded prepaid insurance in the amount of P5,500. Received P14,900 cash for delivery work done for the Pangilinan Corporation. 2 4 6 8 10 Acquired additional supplies for cash P4 050

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Practice journalizing the transactions Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During the first month of business in December 2018, the following transactions were completed. Dec. 1 Deposited P20,500 of personal savings in an account at the Makati Development Bank in the name of Cuneta Delivery Service. Acquired a second-hand service vehicle costing P64,000, paying P6,000 in cash, and financing 2 the remaining P58,000 by issuing a note payable. Paid rent for the month, P3,000. Acquired supplies on account, P9,000. 4 6. Paid for three months' insurance and recorded prepaid insurance in the amount of P5,500. Received P14,200 cash for delivery work done for the Pangilinan Corporation. Acquired additional supplies for cash, P4.050. Paid salaries, P5.000. 8 10 16 Completed a delivery work for Nora Company on account, P16,000. 17 Paid P4,300 of the amount owed from the Dec.5 transaction. Paid miscellaneous expenses, P2,600. Withdrew cash from the business, P4.450. Collected P9,50g on account from Nora Company. Paid salaries, P5,20. Paid utilities expense, P1,000. 19 21 22 24 25 27 Rendered delivery services on account to Recto Company, P12400. CHART OF ACCOUNTS Accounts Payable Notes Payable Cash Supplies Expense Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Receivable Prepaid Insurance Cuneta.Capital Cuneta, Withdrawals Delivery Revenues Service Vehicle
Transcribed Image Text:Practice journalizing the transactions Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During the first month of business in December 2018, the following transactions were completed. Dec. 1 Deposited P20,500 of personal savings in an account at the Makati Development Bank in the name of Cuneta Delivery Service. Acquired a second-hand service vehicle costing P64,000, paying P6,000 in cash, and financing 2 the remaining P58,000 by issuing a note payable. Paid rent for the month, P3,000. Acquired supplies on account, P9,000. 4 6. Paid for three months' insurance and recorded prepaid insurance in the amount of P5,500. Received P14,200 cash for delivery work done for the Pangilinan Corporation. Acquired additional supplies for cash, P4.050. Paid salaries, P5.000. 8 10 16 Completed a delivery work for Nora Company on account, P16,000. 17 Paid P4,300 of the amount owed from the Dec.5 transaction. Paid miscellaneous expenses, P2,600. Withdrew cash from the business, P4.450. Collected P9,50g on account from Nora Company. Paid salaries, P5,20. Paid utilities expense, P1,000. 19 21 22 24 25 27 Rendered delivery services on account to Recto Company, P12400. CHART OF ACCOUNTS Accounts Payable Notes Payable Cash Supplies Expense Salaries Expense Rent Expense Utilities Expense Miscellaneous Expense Accounts Receivable Prepaid Insurance Cuneta.Capital Cuneta, Withdrawals Delivery Revenues Service Vehicle
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